BNY Mellon has been selected by AdvisorShares to provide exchange-traded fund (ETF) services, custody, fund accounting and fund administration for the AdvisorShares Global Echo ETF.
BNY Mellon now services 14 AdvisorShares ETFs with assets totaling more than $500 million.
The ETF, called GIVE, is a diversified multi-manager ETF focusing on sustainable investment themes, sub-advised by Community Capital Management, Inc.; Baldwin Brothers; Reynders, McVeigh Capital Management; and First Affirmative Financial Network. GIVE supports the Global Echo Foundation, a charitable entity co-founded by Philippe Cousteau, Jr., which funds social programs benefiting women and children, environmental conservation and social entrepreneurship.
“BNY Mellon’s ability to provide the technological and client support required for actively managed ETFs such as GIVE was a key consideration in our selection of an ETF service provider,” says Noah Hamman, founder and CEO of AdvisorShares. “We are highly confident that BNY Mellon’s capabilities are well-suited for this multi-manager active ETF, which aims to achieve absolute returns and seeks a low correlation with traditional indices over a full market cycle.”
Joseph Keenan, managing director and global head of ETF services at BNY Mellon Asset Servicing, adds: “We are pleased to support the Global Echo ETF. Our strong investment in the ETF business has positioned BNY Mellon with the ability to provide top-flight service to an operationally complex actively managed fund such as GIVE.”
(CG)